Yesterday’s Politico contained an article which correctly noted that the job losses resulting from the current depression are causing the Social Security Trust Fund to be depleted ahead of schedule. At the present rate, the trust fund will be exhausted around 2030, and benefit cuts will ensue. What will come of this?
The GOP is divided between business people and small government devotees who support entitlement cuts, and reactionaries who will be appalled by them. Trump and the GOP leadership, for that reason, talk about the issue as little as possible. Their ultimate objectives will be to take the elderly hostage, to avoid tax increases, and to force the Democrats to share responsibility for benefit cuts.
The Biden campaign needs to emphasize its proposal to shore up the system by modifying the current payroll tax threshold. This is a life-and-death issue for the elderly, and it would force Trump to choose between his wealthy business constituents and his reactionary base. It is a win-win for the Democrats if they play it properly.